2022-11-05 15:17:09
#DeFiBreakdown 16 - #DAO and #DeFi
DAO is a community-led entity with no central authority, aiming to circumvent the need for human intervention or centralized coordination.
DAOs' operational rules are set by a core team of community members via the use of smart contracts. In order for #DAOs to function seamlessly, there is a need for funding, generally gathered using token issuance. Any changes to DAO deployment will require a consensus vote.
With cryptographic instructions using smart contracts, #DAOs enable previously unattainable levels of transparency, cost savings, decentralized decision-making, and community empowerment. But, no matter how revolutionary #DAOs may look, they have certain limitations. The key to a DAO is the lack of efficiency & security during initiative implementation; associated with the disagreement among the community
At present, several promising blockchain projects have fully incorporated decentralized governance mechanisms. TomoMasterDAO is one of them.
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